Synopsis: Sashidhar Jagdishan, who took over as the largest private-sector lender’s chief executive and managing director on October 27, 2020, earned a remuneration of Rs 4.77crore for the fiscal year, which includes compensation as the group head before his elevation. Puri received a total of Rs 3.5crore in post-retirement perks.
HDFC Bank’s Aditya Puri was the highest-earning banker among the top three private-sector lenders in his retirement year with total emoluments of Rs 13.82 crore.
Sashidhar Jagdishan, who took over as the largest private sector lender’s chief executive and managing director on October 27, 2020, earned a remuneration of Rs 4.77 crore for the fiscal year, which includes compensation as a group head before his elevation. Puri received a total of Rs 3.5 crore in post-retirement perks.
According to the second-largest lender’s annual report, MD and CEO Sandeep Bakhshi of ICICI Bank “voluntarily renounced” his fixed compensation of basic and additional allowances for FY21, due to the widespread impact of the COVID pandemic.
Bakhshi, on the other hand, received Rs 38.38lakh in allowances and perquisites, according to the document, as well as Rs 63.60lakh in delayed variable pay from ICICI Prudential Life Insurance Company for FY17 and FY18.
According to the bank’s annual report, Amitabh Chaudhry, who has been running the third largest private sector lender Axis Bank, was paid Rs 6.52crore, with top management not receiving any compensation increases in FY21.
In the case of ICICI Bank, material risk-takers such as executive directors, chief financial officer, and company secretary voluntarily agreed to a 10% compensation decrease effective May 1, potentially as a result of COVID’s impact. According to the annual report, Vishakha Mulye, the executive director in charge of wholesale banking earned Rs 5.64crore.
When compared to the bank’s median wage, Jagdishan’s allowances were the highest, at 139 times the median salary, followed by Chaudhry at 104 times the median and ICICI Bank executive directors at 96 times the median.
HDFC Bank has 200 executives in this elite club, according to data available for crorepati bankers, or those making more than Rs 8.5lakh per month, including top management staff, serving officials, and those who left the lender midway through the fiscal year.
According to the annual report, Axis Bank had 69 bankers in the category who served throughout the year, while 17 staff who would have otherwise been in the club left halfway through the year.
